Dubai Islamic Bank (DIB) announced that the assembly has approved its 100 per cent acquisition of Tamweel , the Islamic home finance provider, following the conclusion of its Extraordinary General Assembly Meeting (EGM). DIB is the majority shareholder in Tamweel with 58.2 per cent of the issued equity.
The assembly voted in favour of DIB 's formal offer to acquire the remaining 41.8 per cent of the issued shares in Tamweel it does not currently own. This bid, which was announced on January 3, 2013, is based on the offer of 10 new DIB shares for 18 existing Tamweel shares held. The fair value of each share for DIB and Tamweel underlying the intended swap is set at Dh2.25 and Dh1.25, respectively...............................................Full Article: Source